Consistent application of IFRSs

Date recorded:

Michael Stewart noted that the IASB had established a committee, chaired by Philippe Danjou, that was intended to increase the intelligence-gathering capabilities of the IASB with respect to the consistent implementation and application of IFRSs. At the centre of this capability was a more formal dialogue with Policy Committee 1 (PC1) of the International Organisation of Securities Commissions (IOSCO), formerly known as the Technical Committee. PC1 is made up of the Chief Accountants of IOSCO members. The IASB Staff memorandum also reviewed the IASB ‘technical enquiry policy’. Council members were asked to consider whether the IASB should be more proactive in this area and whether the networks established by the IASB to gather intelligence on application issues were sufficient at present. The Council then broke to discuss these issues in small groups.

In the subsequent reports from the discussion groups, there was a high degree of consensus that the networks established (IOSCO, ESMA, major audit networks, etc) were sufficient for the time being. The IASB should not engage in a ‘seek and destroy’ mission, but use all currently available networks effectively. There was support for the current technical enquiry policy. The status and accessibility of IFRS Interpretations Committee Agenda Decisions was noted as an issue that influenced the consistency of application of IFRSs – some jurisdictions gave them higher credibility than others.

The sense of the Council was that the IASB should use the channels established effectively, but should not seek out issues.

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